BEAST #7

10 #Business | InsurTech

10 #Business | InsurTech #Business | Opinion 11 DIVING INTO THE INSURTECH ECOSYSTEM CUSTOMER ENGAGEMENT CRM / Price aggregation Omni channel acquisition Digital claims process Online policy purchasing REGULATION & THE LAW Digital contracts KYC Identity verification Automated compliance processes WEALTH MANAGEMENT Algorithm asset management Digital savings plans Pension management SHOULD INSURANCE CREATE COMPANIES THEIR OWN INNOVATIVE SOLUTIONS OR RATHER COLLABORATE WITH INSURTECH STARTUPS? From my perspective the traditional actors of the insurance industry should focus on building ecosystems of expertise. As a matter of fact, this type of collaboration with startups and even traditional partners, is, according to me, the best way to accelerate and encourage innovation within the company/Group. Nowadays, many companies have the ability to generate innovation and to stir up the lines. In a creative environment, we are more easily able to capture new uses. There is a strong market trend showing that Groups tend to prefer creating their own ecosystems, allowing them to bring new competencies and expertise around the same table: these external players are therefore seen as business enablers and accelerators. Yet, on the long run, some companies might envisage creating their own spin-off… With «Village by CA», the Crédit Agricole Group created an incubator gathering FinTechs, InsurTechs, traditional Partners and other startups at a single place to foster innovation. Its objective? Be ready for new and upcoming uses and products, but also integrate creativity, agility and flexibility in its everyday business. Moreover, CALI Europe recently created an Innovation Committee: an ambitious, but realistic and pragmatic initiative aiming at creating innovation from within the company as well! By Hocine BERANE CIO, CALI Europe HOW CAN THE WORD «INDUTECH» BE DEFINED? InduTech actually comes from the contraction of «Industrial» and «Technology» and can be defined through 10 pillars which represent the domains of expertise of Paul Wurth. These are: Industry 4.0, CleanTech, EnergyTech, Smart construction & healthy buildings, advanced logistics & sustainable mobility, smart safety, new manufacturing technologies, smart engineering applications & processes, robotics & artificial intelligence and mining & resources management. With the creation of our Paul Wurth incubator, we really wanted to get off the beaten track and specialize in industrial technologies rather than FinTechs and ICT. Here are some examples: Industry 4.0 deals with IoT, Big Data and EnergyTech with sustainable energy, etc. There is also mining & resources management combined with Space Mining. As a matter of fact, Paul Wurth masters and believes in the strong added value of ore resources, which can be extracted and transformed on-site. I see InduTech as a mutation rather than a transformation, as we already hold all the cards and a lot could be achieved with the correct amount of technology and mathematics. By Sébastien WIERTZ General Manager, Paul Wurth INSURANCE TECHNOLOGY DATA & ANALYTICS h2a .lu INTERNET OF THINGS Vehicle telematics Environmental Sensors Provenance Asset tracking Home security Real Time risk mitigation Pay per use insurance Dynamic underwriting Personalized premiums HEALTH Wearables Genetic data Chronic condition management Preventative healthcare INFORMATION SECURITY Claims fraud detection Cyber breach insurance Personal data storage Pour toute information ou prise de rendez-vous, contactez-nous : 14, rue Erasme L-1468 Luxembourg T. : +352 42 39 39 330 info@houseofentrepreneurship.lu houseofentrepreneurship.lu Vous avez un projet d’entreprise ? L’équipe pluridisciplinaire de la « House of Entrepreneurship » est à votre service pour vous conseiller, vous assister et vous accompagner dans toutes les étapes de la création et du développement de votre entreprise. BEAST MAGAZINE #7 Sources : www.startupbootcamp.org/blog/2015/10/so-what-is-an-insurance-startup-infographic/ Une initiative de : BEAST MAGAZINE #7 En partenariat avec : 1535°, ADEM, Chambre des Métiers, guichet.lu, ITM, IPIL, Luxinnovation, MCAC, nyuko, Technoport, Ministère de la Santé, Ministère de la Fonction publique et de la Réforme administrative - CFUE